Pizza Hut Sold

Yum Brands is selling struggling Pizza Hut in two transactions valued at a combined $2.7 billion, ending its ownership of the 68-year-old pizza chain after years of lagging sales, aging restaurants and intensifying competition. Private equity firm LongRange Capital will acquire Pizza Hut operations outside mainland China for about $1.5 billion, while Yum China Holdings will buy the mainland China business for roughly $1.2 billion. Yum says separate owners are better positioned to revive growth in China and international markets, as the once-dominant brand has been challenged by delivery-focused rivals and changing consumer habits. The deal follows Yum’s earlier review of strategic options for Pizza Hut and comes as the chain has looked to close hundreds of underperforming U.S. restaurants.